Indian National Gets jail after using a forged profile to open a bank account for money laundering activities



Grecils Fredrick Badges, an employee of the foreign corporate service provider was sentenced to 10 months in prison on Monday after he pleaded guilty for submitting fake details to open a bank account in Singapore to carry out money laundering activities. Though working in India, Grecils was involved in selling Shell companies and their corporate bank accounts. He lured local people to open bank accounts in companies’ names and persuade them to give up control of the account for a fee. He then uses the accounts to facilitate money laundering activities.

Grecils worked with Jadhav Vishal Vijaykumar to carry out the crimes. On Dec 27, 2018, Grecils went with Vishal to United Overseas Bank (UOB) in Singapore to apply for a corporate account under a Moore Pte Ltd company name, Visha submitted fake profile as instructed by Grecils and the UOB mistook him for a successful businessman. The account was then used to initiate money laundering activities involving US$50,000. Vishal pleaded guilty and was also sentenced to 5 months in jail. Currently, the offence of helping another person to retain benefits from criminal acts attracts a fine of about S$500,000 or about 10-year jail term.